Biotech Giant Might Move to U.S.

GENEVA -- Serono SA, one of Europe's largest biotechnology companies, could move its headquarters to the U.S. from Geneva if tough conditions for the sector in Europe continue to worsen, Chief Executive Ernesto Bertarelli said.

Such a move would be the culmination of frustration with Europe's fragmented health-care policies, exacerbated by the attitude toward biotechnology companies in Europe, Mr. Bertarelli said. A move out of...